Allianz enters multi-year partnership with cyber MGA Coalition

Coalition-and-Allianz-Cyber-Insurance-partnership
  • Allianz expands its cyber business for SME and mid-sized companies in key markets
  • Allianz provides capacity for Coalition’s US and UK cyber programs
  • Proactive monitoring and resolving cyber risks substantially helps customers to protect their business and prevents financial losses

Allianz has announced a new multi-year partnership with Coalition, a leading cyber insurance and security provider, headquartered in San Francisco. Allianz provides Coalition with long-term committed capacity for its US cyber insurance programs and will lead Coalition’s UK cyber program when it launches later this year.

“Cyber is one of the top risks for businesses globally and while the risk landscape is not getting any easier, we are expanding our offering for customers,” said Scott Sayce, Global Head of Cyber at Allianz. “We constantly urge our customers to strengthen their cyber defenses and, with its innovative approach to cyber risk, Coalition has proven that data and technology can be very effective to prevent and resolve cyber claims.”

The global economy loses up to USD 1.5 trn annually due to cyberattacks. To date, few companies are adequately equipped to identify and manage these risks effectively. SMEs and mid-market companies especially face challenges procuring the tools, skills and resources needed to protect themselves. With this partnership Allianz complements its products and distribution network with Coalition’s ‘Active Cyber Insurance’ approach and supports precisely this SME and mid-market segment in the U.S. and UK.

Coalition combines cyber coverage with AI-powered security tools to help customers spot, prevent and respond to cyber risk. Proactive and real-time risk screenings deliver accurate insights on digital risks, while 24/7 access to incident response experts enable organizations to respond to threats at early stage. As a result, customers experience a substantially lower frequency of claims compared to the cyber market average.

“We’re thrilled to have Allianz, one of the world’s largest insurance companies, partner with Coalition to protect the unprotected,” said Shawn Ram, Head of Insurance at Coalition. “There are far too many companies who simply aren’t prepared to manage and mitigate cyber risk. Coalition’s approach of Active Insurance offers demonstrably better protection from cyber threat and with Allianz’s support we will be able to help protect more organizations worldwide.”

Authored by Allianz

CLICK HERE TO SIGN UP FOR OUR
FREE BI-WEEKLY NEWSLETTER

About Allianz

Allianz Insurance is one of the largest general insurers in the UK and part of the Allianz Group,  a leading integrated financial services provider and the largest property and casualty insurer in the world.  

The mission of Allianz Insurance is to be the outstanding competitor in our chosen markets by delivering products and services that our clients recommend, being a great company to work for and achieving the best combination of profit and growth. We aim to achieve this by putting the customer at the heart of everything we do. 

Allianz is able to offer customers a wide range of products and services including home and motor and commercial insurance with full range of products and service for sole traders' right up to large commercial organisations.  

Allianz Insurance employs over 4,500 people across a network of 20 offices in the UK and the company’s Head Office is situated in Guildford, Surrey.  Our heritage and financial strength help make Allianz what it is today; a safe and trusted partner. Over 40 FTSE100 companies partner with Allianz.  youTalk-insurance sharing Allianz Insurance news and video

 

Latest video

Allianz Holdings CEO, Colm Holmes on Q1 2022 results, challenges and achievements

Allianz Holdings CEO, Colm Holmes, discusses how the insurer has achieved growth across the business, been recognised for excellent claims service and implemented a... click here for more